CIT v. Ashok Kumar Rathi. (2018) 404 ITR 173 (Mad) (HC)

S.2(14)(iii): Capital asset-Agricultural land- Land entered in revenue records as agricultural land — Agricultural income from land declared and accepted by the revenue – Onus is on department to prove contrary — Profits on sale of land is not assessable to capital gains tax.[ S.45 ]

Dismissing the appeal of the revenue the Court held that ; if the land was recorded as agricultural land in the revenue records, the presumption that it was agricultural land and also when the agricultural income  shown by the assessee  was accepted by the revenue in earlier years.Referred Sarifabibi Mohamed Ibrahim v. CIT ( 1993) 204 ITR 631 (SC) ( AY.2010-11)